Top Lawyer at UBS Resigns
A top lawyer has resigned from UBS AG, a Swiss bank under fire concerning its auction-rate securities practices.
David Aufhauser’s resignation has been accepted, the bank announced in a statement posted on an internal website today, reports the Wall Street Journal (sub. req.). He was general counsel of the U.S. arm of the investment bank, and interim co-group general counsel of UBS AG.
In previous news coverage, Aufhauser has been identified as “Executive A” in a civil internal fraud complaint filed by the attorney general of New York state, Andrew Cuomo, concerning bank officials’ alleged sale of their personal holdings in auction-rate securities . He has not been charged with any wrongdoing.
“His departure comes shortly after revelations that he is among the unnamed UBS officials accused” by Cuomo “of selling their personal holdings in auction-rate securities ‘as the storm clouds loomed’ over the market,” writes the Financial Times.
Aufhauser, 57, will continue in a consulting role at the bank until Sept. 30, reports Bloomberg. He wasn’t immediately available to comment, the news agency says.
Earlier coverage:
ABAJournal.com: “Lawyer Named in UBS Case; Auction-Rate Probe of Citigroup, Too”
